Kentucky has released data for March through May about how sportsbooks in the state are performing.
According to data provided by the Kentucky Horse Racing Commission (KHRC), the state’s eight online sportsbooks reported a $175.5 million handle in May with winnings played to players at $154.5 million. Kentucky operators generated $22.3 million in adjusted gross revenue during the month with a state excise tax of $3.1 million. Revenue generated from sports betting in Kentucky is allocated toward administrative costs, public education, disaster relief funding, public pension programs and other government resources.
In March, Kentucky operators reported $20 million in adjusted gross revenue from online wagering with a state excise tax of $2.9 million. A month later, the state’s online sportsbooks generated $22.3 million in adjusted gross revenue and $3.1 million in state excise tax.
Kentucky’s licensed operators
DraftKings closed May with the state’s highest online handle at $69.9 million compared to $67.9 million for the month prior. The operator’s online handle results in March soared to $101 million behind the men’s and women’s NCAA Tournament.
To date, DraftKings has accepted $734.4 million in total wagers since Kentucky went live with sports betting last year.
Rival FanDuel finished with the second-highest online handle in May at $58.9 million. In April, it accepted $63.3 million in online wagers while March’s results closed at $84.6 million. To date, the Flutter Entertainment-owned brand has reported a $683.2 million total handle.
There was a small margin for Kentucky’s other sportsbooks in May.
British operator bet365 ranked third in the state for online handle at $15.6 million as a brand that is steadily expanding its reach across America. Bet365 saw its online handle reach $16.9 million in April with near mirroring results for the month prior. Caesars and BetMGM continued to compete in Kentucky for market share with BetMGM closing May with $12.5 million in accepted online wagers. Caesars finished the month with a $7.8 million online handle.
By comparison, BetMGM posted a $11.5 million online handle in April with results for the month prior closing at $12.5 million. In April, Caesars reported a $8.7 million online handle with March results coming in at $12.6 million.
ESPN Bet launched operations late last year in more than 10 markets and is in the bottom half of Kentucky’s handle results. The operator reported a $6.2 million online handle in May finishing sixth out of the seven operators that reported results for the month. In April, ESPN Bet posted a $7.4 million online handle and accepted $11.4 million in mobile wagers in March.
Fanatics reported the lowest handle in May in the Bluegrass State. The company posted a $4.4 million online handle. For the month prior, Fanatics closed with a $5 million online handle while in March results reached $8 million.
Tough loss for Kentucky
Kentucky went live with online wagering in September 2023 resulting in no year-over-year results for the market but UK’s early exit in March Madness impacted April’s figures.
The UK men’s basketball program entered the tournament with high expectations as a No. 3 seed with many Kentuckians holding futures on the Wildcats to win the whole thing.
According to SportsHandle, four major American sportsbooks reported a more than 50% handle on future markets for UK to capture the program’s eighth national title in 2024.
UK would be bounced in the first round of the NCAA Tournament after suffering an 80-76 loss to No. 13 seed Oakland as a 13.5-point favorite. According to DraftKings, its largest accepted wager on a team to make the Sweet 16 was a $350,000 bet on UK at -135 odds.
Kentucky sportsbooks in April reported a $180.8 million online handle with winnings played to players at $158.1 million resulting in a 12% hold due to future wagers settling following the conclusion of the NCAA Tournament.
Kentucky’s new operator
The Bluegrass State welcomed Circa Sports in May following a soft launch the month prior.
Circa has partnered with ECL Corbin’s Cumberland Run harness track for operations in Kentucky. The operator offers a new experience for players across the Bluegrass State with high betting limits. Circa is also live in Colorado, Illinois, Iowa, and Nevada.
